15
Tue, Jun
49 New Articles

Knowledge Partners and Thought Leaders

Grid List

The Funambulists - Moldova Walks a Tightrope Between the EU and Russia

Moldova

A Fortunate or Unfortunate Positioning

Guest Editorial: A Nostalgic Outline from a Moldovan Lawyer in Moldova

Moldova

I was born in Moldova and obtained my first degree in law from a Moldovan university 20 years ago. Since its independence in 1991, Moldova – a small landlocked country located between Ukraine in the East and Romania in the West – has struggled to survive, being torn apart by various geopolitical interests, political havoc, corruption, and economic fluidity. The legal industry has struggled as well. Although a lot has changed in my time as a lawyer, I cannot confidently say that the legal industry in Moldova has witnessed tremendous growth.

Deal Expanded: Duet Private Equity’s Acquisition of Red Union Fenosa SA and Gas Natural Fenosa Furnizare Energie SRL from Naturgy Inversiones Internacionales SA

Moldova

ACI Partners’ Igor Odobescu Interviews Duet Private Equity Limited Operating Partner Boris Salas, about the Deal of the Year in Moldova

Hungarian Court Decides That EXW Hungary Does Not Establish Hungarian Jurisdiction

Hungary

Ex Works (EXW) is an international trade term and is one of the 11 current Incoterms Rules, a set of standardized international trade terms that are published by the ICC (International Chamber of Commerce). EXW means that the seller fulfils his obligation to deliver when he has made the goods available at his premises (i.e., factory, warehouse, etc.) to the buyer. The buyer bears all costs and risks involved in taking the goods from the seller's premises to the desired destination.

Entrepreneurs as Consumers – the Problematic New Revision of Polish Business Law

Poland

From 2021 entrepreneurs running sole proprietorships have been granted certain benefits, which had so far been enjoyed only by consumers. All this is due to the change in the Polish Civil Code and the consumer rights legislation referred to as the so-called "friendly law package" (Polish Journal of Laws 2019, item 1495). Based on the perspective of entrepreneurs, this paper outlines the challenges brought about by the amendment.

Free Trade Agreement Signed Between Turkey and the United Kingdom

Turkey

Turkey and the United Kingdom (the United Kingdom of Great Britain and Northern Ireland ) (the “UK”) signed the Free Trade Agreement (the “FTA”) on December 29th, 2020 just before the UK exits European Union (the “EU”). The FTA, which came into force as of January 1st, 2021, ensures special trading terms for UK businesses, which can continue to export and import under preferential tariffs, compared with no agreement.

Avellum Advises Concorde Capital on Sale of Majority Stake in Zeleny Park

Ukraine

Avellum has advised Concorde Capital on its sale of a 72% stake in Zeleny Park LLC to an unidentified buyer.

Ukraine Makes Headway with Land Reform

Ukraine

The long-awaited Law of Ukraine “On amendments to the Land Code of Ukraine and other legislative acts to improve the governance of land relations and their deregulation” No. 1423-IX (“Law”) entered into force (save for certain provisions).

Avellum Advises DCP on Ukrainian Aspects of Stake Acquisition in Edinstvo Group

Ukraine

Avellum has acted as Ukrainian counsel to Diligent Capital Partners on the joint acquisition with the FMO bank of a minority stake in Ukrainian feed producer Edinstvo Group. The OMP law firm reportedly advised the seller.

The Buzz in Croatia: Interview with Iva Basaric of Babic & Partners

Croatia

“I’d say that there are a few things of note, lately, that lawyers in Croatia find particularly interesting,” says Babic & Partners Partner Iva Basaric, who, first, reports “some turmoil regarding the election of the new President of the Supreme Court of Croatia.” 

Croatia: One Court Decision and its Impact on M&A Deals in Croatia

Croatia

It has become evident by now that the 2020 global pandemic has reshaped many aspects of the legal industry, with one of the eminent examples being the way M&A transactions are carried out – almost everything has become less certain, more urgent, and largely virtual. As though the circumstances have not been challenging enough, recent developments in local jurisprudence concerning the form of legal documents have started to negatively impact M&A deals in Croatia.

Coca Cola’s Compliance

Croatia

Earlier this month, the Croatian Competition Agency confirmed that Coca Cola HBC Hrvatska d.o.o. had complied with the commitments the company had offered, and which had been accepted by the CCA, in the course of an investigation of vertical restraints imposed by Coca Cola on its distributors (most notably exclusive purchasing and tying arrangements). Early on, the CCA expressed concern that Coca Cola’s practices would constitute infringements under Articles 8 and 13 of the Croatian Competition Act (essentially corresponding to Articles 101 and 102 of the Treaty on the Functioning of the European Union).

Bondoc & Asociatii Advises Intive on Acquisition of Ammeon

Romania

Bondoc & Asociatii has advised digital transformation and solution provider Intive on the acquisition of technology group Ammeon.

Bondoc si Asociatii Advises Restart Energy on Convertible Green Bonds Issuance

Romania

Bondoc si Asociatii has advised Restart Energy on its issuance of 163,612 green bonds convertible into shares and their admission to trading on the Bucharest Stock Exchange’s Multilateral Trading System. Romania-based brokerage company Goldring acted as an intermediary on the transaction.

Construction Code – the New “Source Code” of Romanian Real Estate

Romania

The Romanian Government has recently adopted Government Decision no. 298/2021 („GD 298/2021”) for the approval of the initial proposals for a territorial planning, urban planning and constructions code (hereinafter referred to as the “Construction Code” or the “Code”).

New Risks for Real Estate Owners in the Russian Federation

Russia

On 30 December 2020, sweeping changes to Russian legislation regulating integrated area development (hereinafter referred to as "IAD") came into force.

Checking In: Data Protection Compliance in CEE

Briefings

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Data Protection experts: Overall, how compliant would you say economic agents are with relevant local regulations on data protection, and what are the main gaps that have yet to be addressed?

Legal Tips on Using Cloud Solutions

Russia

Cloud solutions have proven to be cost-efficient, productive and flexible for any business sphere. Technically, they are not intended for downloading by users, as users only get access to certain functions. Still, sometimes download option is available. Hence a question: which type of agreement works better between a cloud provider and users, i.e. license, service or hybrid?

An Unusual Year in Review: Our Annual Expert Round Table

Legal Markets

On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.

Cipcic-Bragadin Mesic & Associates, Karanovic & Partners, and Jadek & Pensa Advise on Pfizer Spin-Off and Merger with Mylan

Croatia

Cipcic-Bragadin Mesic & Associates has advised Pfizer on a global business combination with Mylan N.V. The transaction involved a spin-off of Pfizer’s Upjohn business and a subsequent merger of that business with Mylan N.V. to form a new global generics company, called "Viatris." Bird & Bird was global lead counsel to Pfizer, with Karanovic & Partners providing local support for Serbia and Jadek & Pensa providing local support in Slovenia. 

What Makes a Good Conference Great?

Legal Markets

Love them or hate them, conferences are a fundamental part of the successful commercial lawyer’s calendar. But time is precious. Those calendars are full. It’s vital for conference organizers to get them right, and critical for lawyers to choose wisely in determining which events to attend and which to skip.

Cobalt Helps Fortumo with Press Council Complaint

Estonia

Cobalt has helped Fortumo file a complaint to the Press Council regarding incorrect and misleading articles and headlines in the Aripaev and Postimees publications. 

Cobalt Advises European Energy on Wind and Solar Farms Projects in Lithuania

Lithuania

Cobalt has advised Danish renewable energy producer European Energy on its acquisition and development of wind and solar farms in Lithuania.

Cobalt Advises Nordic Secondary Fund on Acquisition of Shares in Fiizy

Estonia

Cobalt has advised the Nordic Secondary Fund on its acquisition of shares in Estonian financing facility company Fiizy.

Foreign Direct Investment in Central Europe: Croatia

Croatia

The global pandemic has impacted all markets, with subsequent ramifications for M&A. Investors are now seeking greater protection against general lock-downs and supply-chain disruptions, while governments aim to protect critical supplies and services by imposing new regulations on foreign investment in crucial or strategic industries.

Foreign Direct Investment in Central Europe: Bulgaria

Bulgaria

The global pandemic has impacted all markets, with subsequent ramifications for M&A. Investors are now seeking greater protection against general lock-downs and supply-chain disruptions, while governments aim to protect critical supplies and services by imposing new regulations on foreign investment in crucial or strategic industries. 

Foreign Direct Investment in Central Europe: Czech Republic

Czech Republic

The global pandemic has impacted all markets, with subsequent ramifications for M&A. Investors are now seeking greater protection against general lock-downs and supply-chain disruptions, while governments aim to protect critical supplies and services by imposing new regulations on foreign investment in crucial or strategic industries. ​

Dentons and CMS Advise on Sale of Budapest Metropolitan University

Hungary

Dentons has advised Central Europe Alfa Asset Management Ltd. and its sole investor, Optima Investments Limited, on the acquisition of the Budapest Metropolitan University from Central European Education Holding Zrt for a cash consideration of USD 50 million. CMS advised the seller.

Linklaters and Dentons Advise on CP Developer Forward Sale of Apartments to Heimstaden Bostad

Poland

Linklaters has advised CP Developer S.a r.l. on its PLN 1.4 billion long-term forward sale of 2,500 rental apartments to Sweden’s Heimstaden Bostad. Dentons advised the buyer.

Dentons Advises VSMPO-AVISMA Corporation on Loan

Russia

Dentons has advised titanium producer VSMPO-AVISMA Corporation on an English law-governed unsecured five-year club loan facility for up to USD 400 million provided by a number of international banks. The mandated lead arrangers included Societe Generale, Credit Agricole Corporate and Investment Bank, Banca Intesa, Intesa Sanpaolo Bank Luxembourg S.A., and UniCredit S.p.A., with the latter four banks also serving as book-runners. Bank Zenit and Bank ICBC were lead arrangers. ING Bank N.V. acted as agent and UniCredit S.p.A. acted as documentation agent.

DLA Piper Advises Zabka Polska on Acquisition of Dietly.pl

Poland

DLA Piper has advised convenience store chain Zabka Polska Sp. z o.o., part of CVC Capital Partners, on the acquisition of a majority stake in MasterLife Solutions Sp. z o.o., which owns the Dietly.pl. e-commerce platform.

Marta Frackowiak Appointed to DLA Piper's International Board

Poland

DLA Piper Warsaw Head of Corporate/M&A Marta Frackowiak has been elected as representative of the EMEA region the firm’s International Board - the body that acts as the firm's supervisory board.

DLA Piper and Schoenherr Advise on ZIP's Acquisitions of Spotii and Twisto

Czech Republic

DLA Piper has advised digital retail finance and payments company Zip Co Ltd on the conditional acquisition of the remaining 78% of the Spotii and 90% of the Twisto buy-now, pay-later payment platforms. Schoenherr advised Twisto on the deal.

DWF Warsaw Partner Joanna Wojnarowska Becomes Deputy Global Head of Real Estate

Poland

DWF Poland Partner Joanna Wojnarowska has been appointed Deputy Global Head of Real Estate at the firm.

Baker McKenzie, DWF Poland, and Miller Thomson Advise on People Can Fly's Acquisition of Game On Creative

Poland

Baker McKenzie has advised People Can Fly on its acquisition of Canada-based Game On Creative, Inc. The transaction provides for a share swap with PCF shares and the reinvestment of Game On's founder in PCF. DWF Poland advised Game On Creative on Polish legal matters and Miller Thomson advised the company on Canadian aspects.

DWF and Miller Canfield Advise on Panattoni’s Sale of Warehouse to Aberdeen Standard European Logistics

Poland

DWF has advised Aberdeen Standard European Logistics Income on its EUR 28 million acquisition of the Panattoni Lodz City VIII logistics and distribution center from Panattoni. Miller Canfield advised the seller.

Olga Tsvetkova Returns to EPAM as Co-Head of International Arbitration Group

Russia

Former Deputy Director of the Department of International Law of Russia’s Ministry of Justice Olga Tsvetkova has returned to Egorov Puginsky Afanasiev & Partners as Co-Head of the firm’s International Arbitration group.

EPAM Advises PPG Industries on Russian Aspects of Tikkurila Acquisition

Russia

Egorov Puginsky Afanasiev & Partners has advised PPG Industries on Russian legal aspects of its tender offer for the shares of Finnish paint manufacturer Tikkurila.

EPAM Represents Companies in Yandex Antimonopoly Case

Russia

Egorov, Puginsky, Afanasiev & Partners is representing a coalition of Avito, IVI, CIAN, Profi.ru, Tutu.ru, Drom.ru, 2GIS, and Zoon in a abuse-of-dominant-position case against Yandex initiated by the Federal Antimonopoly Service of Russia.

Turkey: New Requirement to Register Bearer Shares with the Central Registry Agency

Turkey

In line with the Law No. 7262 on Preventing the Proliferation of Financing Weapons of Mass Destruction (“Law No. 7262”), some of the provisions stipulated under the Turkish Commercial Code No. 6102 (“TCC”) were amended. As per the amendments made by the Law No. 7262, new notification requirement was introduced. In line with the amendments, the holders of the bearer share certificates in a joint stock company and the information regarding the shares have to be notified the Central Registry Agency (“CRA”).

Turkey: New Regulation on Remote Customer Identification

Turkey

The Regulation on Remote Identification Methods to be used by Banks and the Establishment of Contractual Relationships in Electronic Media (“Regulation”) was published in the Official Gazette dated April 1, 2021 and numbered 31441 and entered into force after one month as of its publication. The Regulation was prepared based on the Draft Communiqué on Remote Identification Methods to be used by Banks, which was published by the Banking Regulatory and Supervisory Authority ("BRSA") as presented to the public opinion. 

The Diageo Turkey Decision

Turkey

On February 23, 2021, the Turkish Competition Authority (“Authority”) has published seminal judgments of the 13th Chamber of the Council of State (“Council of State”). These are landmark decisions that upheld the Turkish Competition Board’s (“Board”) analysis within the scope of its decision regarding the allegations that Mey İçki San. ve Tic. A.Ş. (“Diageo Turkey”) violated Article 6 of Law No. 4054 on the Protection of Competition (“Law No. 4054”) through exclusionary practices in the vodka and gin markets (“Vodka and Gin Decision”). The decisions of the Council of State are of particular significance since they affirmed a very rare usage of the “ne bis in idem” principle (i.e., a legal concept that restricts the possibility of a defendant being penalized repeatedly on the basis of the same offence, act or facts with the same time period) in terms of competition law.

Cybersecurity - a Must or a Leisure

Romania

The rapid development of modern information and communication technologies – a sine qua non condition for the edification of the Information Society - has had a major impact on the social environment, marking true mutations in the operating philosophy of economics, politics, and culture, but also in the daily life of the individual. In fact, at present, the easy access to technology information and communication is one of the conditions for the proper functioning of modern society.

Telemedicine in Romania – A Myth that Will Become Reality

Romania

Access, equity, quality, and cost-effectiveness are key issues facing healthcare in both developed and less developed countries. Modern information and communication technologies (ICTs), such as computers, the Internet, and cell phones, are revolutionizing how individuals communicate with each other, seek, and exchange information, and enrich their lives. These technologies have great potential to help address contemporary global health problems.

Firon Bar-Nir Supports Private School Association in Demand that In-Person Schooling be Resumed

Romania

Firon Bar-Nir has helped the Private School Association and a group of parents with a class action law suit against Romania’s Ministry of Health, Ministry of Education and Research, and several other governmental bodies aimed at having in-person teaching in Romanian schools resumed.

Havel & Partners Advises CapVest on Sale of Valeo Foods to Bain Capital

Czech Republic

Havel & Partners has advised British investment firm CapVest on Czech legal aspects of its sale of Valeo Foods to Bain Capital Private Equity. Weil, Gotshal & Manges reportedly advised the buyer.

Havel & Partners and Dunovska & Partners Advise on Sale of Komix to Cleverlance

Czech Republic

Havel & Partners has advised shareholders Tomas Rutrle, Martin Lips, Yvona Parmova, Martin Slama, and Libor Malek on their sale of IT company Komix to the Cleverlance Group, a subsidiary of the Aricoma Group. Dunovska & Partners advised the buyers on the deal.

Havel & Partners Successful for T-Mobile Czech Republic in Competition Dispute

Czech Republic

Havel & Partners, acting on behalf of T-Mobile Czech Republic, has persuaded the Regional Court in Brno to annul a decision of the Czech Competition Authority regarding T-Mobile Czech Republic's entrance into interconnection agreements with other mobile operators.

Merger Control in Albania

Albania

The control of merger transactions was first introduced in Albania in 1995. This law, however, provided only rudimentary guidance, and merger control really took off only after 2003, following the approval of Law no. 9121, “On Competition Protection” (the “Competition Law”), which established an independent competition authority – the Albanian Competition Authority (the ACA) – and provided for procedures that were aligned with EU standards. The Competition Law has been amended a number of times to further approximate its provisions with the EU acquis. The ACA has also issued regulations and instructions for the implementation of the merger control regime.

The Buzz in Albania: Interview with Eris Hoxha of Hoxha Memi & Hoxha

Albania

“The political situation in Albania is charged at the moment,” says Eris Hoxha, Partner at Hoxha, Memi & Hoxha in Tirana, who explains that “because of the upcoming elections in April 2021, the political campaign is well underway.” 

Electric Energy in Albania

Albania

During the last decade, Albania has undertaken several initiatives to liberalize the electric energy sector and increase local generation capacities. Such measures have created a lively market, especially in the renewal energy segment.

Ijdelea Mihailescu Engaged to Prepare Study on Digitization of Romanian Energy Suppliers

Romania

Ijdelea Mihailescu and software company Ringhel Team have been been contracted by the Romanian Energy Regulatory Authority to prepare a study on an energy supplier switch. 

The Corner Office: Your Favorite Client Matter

Legal Markets

In The Corner Office we ask Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: ”What is your single most favorite client matter in your career?”

Clear for Take-Off: (No) Sexism in Romanian Law Firms

Legal Markets

According to the 2019 CEE By the Numbers issue of the CEE Legal Matters magazine, almost two third of all lawyers and almost half of all partners at ranked Romanian law firms are women. As Romania’s population, economy, and (therefore) legal market are much larger than its chief competitors in both categories, its achievements in this area are particularly significant. Romania’s most prominent female managing partners insist that, indeed, sexism, in the Romanian legal industry, is essentially a non-factor.

Hot Practice: Interview with Igor Krasovskiy of Integrites in Ukraine

Ukraine

The Banking & Finance practice of Integrates in Ukraine has had its hands full lately, according to Partner Igor Krasovskiy, mainly thanks to the economic impact of Covid-19, Ukraine’s energy strategy, and the country’s commitments to international financial institutions.

Integrites Advises EuroCape Ukraine I on Commencement of Zaporizhzhia Wind Park's Electricity Production

Ukraine

Integrites has advised EuroCape Ukraine I on the commencement of commercial generation of electricity in Phase I of the 500 MW Zaporizhzhia Wind Park.

NBU Relaxes Access to International Capital Markets for the Ukrainian Business

Ukraine

With effect from 27 April 2021, the Ukrainian entities have been granted the right to make regular interest payments and final capital repayment under Eurobonds and other own debt securities traded on foreign stock exchanges in excess of a so called EUR 2 mln e-limit. In addition, the entities are now allowed to accumulate and periodically replenish foreign currency on the bank accounts in the amount of principal and interest due on the notes on the nearest repayment date.

Ban from Management – When the Superweapon Backfires

Hungary

“The tax number of one of my companies was deleted due to some blunder, but we corrected it” – so begins a widely-known and innocent story that could happen to anyone. Then we realise in terror that due to this “blunder”, the Court of Registration refuses to register our company, or that the tax authority wants to delete the tax number of one of our existing companies. Could this have been avoided? What can be done?

Checking In: 2020's Most Important Tax Updates

Briefings

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Tax experts: What are the most important changes to the Tax laws in your country since January 2020 and what has their impact been? 

Jalsovszky and CMS Advise on Callis Energetika’s Sale of Land in Budapest to Atenor

Hungary

Jalsovszky has advised Hungarian energy and real estate developer Callis Energetika Zrt. on its sale of an 8,300-square-meters plot to Atenor Hungary. CMS advised the buyer on the deal.

JPM Jankovic Popovic Mitic Creates Special Partnership with Vukmirovic Misic in Montenegro

On the Move

Serbia's JPM Jankovic Popovic Mitic has entered into a special partnership with the Vukmirovic Misic law firm in Montenegro.

Law on Utilization of Renewable Energy Sources

Serbia

On 30 March 2021, Government of the Republic of Serbia, submitted set of energy laws to the National Assembly for adoption, on the basis of which proposals of laws in various energy areas are rendered on 20 April 2021. One of these laws is completely new -  Law on Utilization of Renewable Energy Sources (hereinafter referred to as: “Law on RES”).

The New Law on Archival Material – Increased Fines

Serbia

The new Law on Archival Material and Archival Activities (“Official Gazette of the Republic of Serbia”, No. 6/2020), in application as of 2 February 2021, does not stipulate the reporting requirement of the Archive Book for the first time (the same obligation existed in previous law), however it does regulate in more detailed manner the system of protection of archival material and documentary material, conditions, their use, organization and impose additional obligations and conditions for obligors.

North Macedonia: New Law on Sale of State-owned Agricultural Land

North Macedonia

The Ministry of Agriculture, Forestry and Water Economy of North Macedonia (“Ministry”) recently pointed out that 577,662 ha are classified as arable land in North Macedonia, while 41% of this land is state-owned. It also noted that the current applicable Law on Sale of State – Owned Agricultural Land (“Law”) has many ambiguities and systemic weaknesses, which prevent its full implementation.

Karanovic & Partners Advises Marriott International on Creation of Serbian Hotel Complex

Serbia

Karanovic & Partners has advised the Marriott International hotel chain on its entrance into a cooperation agreement with Millennium Resorts for the construction of a hotel complex in Vranjska Banja, Serbia.

Serbia: New Energy Efficiency Regulations – Turning the Tide in Favor of Green Construction?

Serbia

Green and energy-efficient construction made its shy debut on the Serbian market almost a decade ago. Although various attempts were made to promote these green investments by creating a demand on the market, the results were moderate.

A New Supervisory Authority for Regulated Services

Hungary

On 27 April 2021 the Hungarian Parliament adopted a new legislation on the Supervisory Authority for Regulated Services, which will in the future supervise the judicial enforcement body, the liquidators and perform official tasks related to the retail sale of tobacco products and the organization of gambling. The new laws will enter into force on 1 October 2021. The purpose of the law is to strengthen the consumer protection, official control and supervision powers in relation to certain exclusive economic activities of the state.

The New Ultimate Beneficial Owner Register is Coming

Hungary

Based on a bill submitted on 20 April 2021, the new law establishing the ultimate beneficial owner register (UBO) may enter into force on 15 May 2021. According to the bill, the UBO will be based on data obtained by banks in the course of the customer due diligence under the Hungarian Anti Money Laundering Act (AML Act), which data will be passed on to the body maintaining the UBO (i.e. the Hungarian tax authority). After the system is set up, each organization involved will receive a registration number and a TT index.

COVID Tax Measures to be Continued in Hungary

Hungary

Latest proposal by the Hungarian Ministry of Finance aims to extend tax measures to help Hungarian SMEs.

Real Estate in Montenegro – General Overview

Montenegro

The Montenegrin Real Estate market hit a high in 2007 and has remained active since then.

Law Office Vujacic Advises GE Capital Aviation Services on Sale of Two Embraer 195 Airplanes to ToMontenegro

Montenegro

The Law Office Vujacic has advised GE Capital Aviation Services on the sale of two Embraer 195 aircrafts to the Montenegro's ToMontenegro airline.

Montenegro: Commentary on Montenegro’s New Media Law

Montenegro

The new Media Law in Montenegro which entered into force on July 6, 2020, will update the country’s legislation in the area.  By adopting certain media standards, it is intended to provide the country with the modern legal solutions already present in the countries of the EU.

Bosnia and Herzegovina: Construction Rights

Bosnia and Herzegovina

Up until the adoption of the Laws on Property Rights in Republika Srpska (in 2008) and in the Federation of Bosnia & Herzegovina (in 2013), the only legal basis to obtain a construction permit and erect a lawful building was to first acquire ownership over the land on which the building is to be constructed, usually through a purchase agreement, as, according to the provisions of the applicable Laws of Physical Planning, as well as the general legal framework of Bosnia and Herzegovina, an investor must obtain construction rights over real property to obtain a construction permit for that property.

Firms From Across SEE Advise on Nomad Foods Acquisition of Fortenova's Frozen Food Business

Deals and Cases

Akin Gump, Bogdanovic, Dolicki & Partneri, Maric & Co, Isailovic & Partners, Harrisons, Zdolsek Attorneys at Law, Boga & Associates, Popovski & Partners, and Forgo Damjanovic & Partners have advised Croatian conglomerate Fortenova Grupa d.d., on the EUR 615 million sale of its frozen food business to Nomad Foods. Norton Rose Fulbright, Lakatos, Koves & Partners, and five firms from the SEE Legal alliance advised Nomad Foods on the deal, which is expected to close in the third quarter of 2021.

An Unusual Year in Review: Our Annual Expert Round Table

Legal Markets

On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.

The CJEU Delivers its Judgement in Case-392/19 Adding to the Jurisprudence on Web Linking

Romania

On September 10, 2020, Advocate General Maciej Szpunar delivered his Opinion in Case C‑392/19 VG Bild-Kunst v Stiftung Preußischer Kulturbesitz, where a request for a preliminary ruling was lodged with the Court of Justice of the European Union (“CJEU” / “Court”) on May 21, 2019. In one of our previous articles, we have analysed the opinion of the Advocate General Maciej Szpunar, mentioning that it will be interesting to see whether the CJEU will follow the reasoning of the Advocate General or whether it will stay faithful to the principles already established in its previous jurisprudence.

New Changes Impacting the Leasing Legislation

Romania

Law no. 83/2021 amending and supplementing Government Ordinance no. 51/1997 on the leasing operations and the leasing companies (“GO no. 51/1997”) was published on April 16, 2021 in the Official Gazette no. 401, Part I (“Law no. 83/2021”). Importantly, the provisions of Law no. 83/2021 may only be applied for leasing agreements concluded after its entry into force.

MPR Partners To Open London Office

Romania

Romanian MPR Partners has announced it is opening an office in London, to be headed by Co-Founder and Co-Managing Partner Alina Popescu.

Hungary: Payment Agents in Construction

Hungary

The chain of general contractor and subcontractors behind large-scale construction and the occasional failure of certain subcontractors to obtain proper payment gave birth to the institution of construction payment agent, a form of collateral management. It was typical in the construction industry that subcontractors were exposed to circle debt. The construction payment agent is a unique statutory solution to eliminate such debts.

The Implications of the COVID-19 Crisis for Litigation in Hungary

Hungary

As the world continues to fight the challenges presented by COVID-19, some guidance on the effects on litigation of the COVID-19 crisis can be discerned from the past year. We know that some sectors have suffered more than others, and participants in industries most affected by COVID-19, like airlines, HORECA, tourism, entertainment, and the commercial real estate sector have already become involved in related legal disputes, such as contractual disputes concerning supply chain disruptions. The big question is whether the pandemic qualifies as a force majeure or a material adverse change that could allow the contracting parties to walk away.

An Unusual Year in Review: Our Annual Expert Round Table

Legal Markets

On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.

New Partner Promotions at Nazali Tax & Legal in Turkey and Ukraine

On the Move

Murat Demir has been promoted to Regional Partner and Dogus Gulpinar to Partner at Nazali Tax & Legal in Turkey and Ukraine, respectively.

An Unusual Year in Review: Our Annual Expert Round Table

Legal Markets

On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.

Turkey Introduces New Transfer Pricing Documentation Rules In Line with BEPS Action Plans

Turkey

In 2015 the Organization for Economic Cooperation and Development created 15 base erosion and profit shifting (BEPS) action plans to equip governments to address tax avoidance by means of domestic and international rules and instruments. The purpose of the action plans is to ensure that profits are taxed where economic activities generating the profits are performed and where value is created.

Poland: "E-construction" - Digitalisation of the Construction Industry in Poland Is Getting Closer

Poland

The digitalisation of the construction process in Poland has begun. By the end of 2022, it should be possible to access all construction-related administrative services via a single portal called e-budownictwo (e-construction).

Noerr and Baker McKenzie Advise on Sale of Adaptive Vision to Zebra Technologies Subsidiary

Poland

Noerr has advised the shareholders of Adaptive Vision Sp. z o.o. on the sale of 100% of the shares in the company to a UK-based subsidiary of Zebra Technologies. Baker McKenzie advised the buyers on the deal.

Noerr Advises Chemirol on Acquisition of Stake in Chemark

Hungary

The Budapest office of Noerr has advised Polish pesticide distributor Chemirol on its acquisition of a 10% shareholding in Hungary's Chemark Zrt.

Albota Law Firm Assists Atenor with Sale of Hermes Business Campus to Adventum International

Romania

The Albota law firm has assisted Belgium-based real estate developer Atenor on its sale of the Hermes Business Campus to Adventum International. Peli Partners reportedly advised the buyer on the deal.

PeliPartners and Wolf Theiss Advise on Erste Group’s EUR 123 Million Loan to Mitiska REIM

Romania

PeliPartners has advised the Mitiska REIM Group on its receipt of a EUR 123 million senior debt facility from the Erste Group. The Bucharest office of Wolf Theiss advised the Erste Group.

NNDKP and PeliPartners Advise on BCR's Sale of Bucharest Financial Plaza to Immofinanz

Romania

Nestor Nestor Diculescu Kingston Petersen has advised Banca Comerciala Romana on its EUR 36 million sale of the Bucharest Financial Plaza building to Immofinanz. PeliPartners advised Immofinanz on the deal.

Guest Editorial: Thoughts on Recruiting Lawyers Today

Legal Markets

While reading an article from the Nov/Dec 2020 issue of the Harvard Business Review, I had the distinct impression that someone had read my mind. The article dealt with a study conducted by Christine Exley and Judd Kessler on the subject of self-promotion among men and women, which the researchers believed to be an understudied behavior that could have important implications for labor market outcomes.

China Continues to Invest in Poland

Poland

Based on available data, 2019 saw a significant drop in Chinese investment in Europe. The latest estimates by Rhodium Group show that Chinese investments in Poland for 2020 amounted to $1 billion, which is significantly more when compared to 2019’s $338 million. However, this extraordinary outcome was made possible mostly due to the investments of GLP in CEE. As estimated by Rhodium, the value of GLP investments in Poland in 2020 amounted to approximately $800 million and covers 48 industrial buildings and warehouses acquired in Poland.

Agnieszka Koniewicz Moves from Rymarz Zdort to Penteris

Poland

Former Rymarz Zdort Co-Head of Real Estate Agnieszka Koniewicz has joined Penteris as a Partner.

The Legal Procedure for the Employment of Foreign Citizens in Romania

Romania

In the context of the current labor shortage that Romania is facing, caused by the continuous flow of emigration, more and more Romanian employers find as a viable solution the employment of foreign citizens for the current development of their activity. 

A New Direction in the Fight Against Tax Evasion in Romania - Recovery of Damages

Romania

The phenomenon of tax evasion is present all around the globe regardless of whether we look at “civilized” or developing countries, being one of the most widespread and notorious form of financial crimes, responsible for a significant part of the shadow economy.

The Legal Entity’s Right to Not Contribute to Self-incrimination

Romania

Although nowadays there are more and more situations in which legal entities are called to criminal responsibility for a wide range of offences, the criminal liability of a legal entity remains an incomplete and insufficiently regulated institution, which is why the current reality has known numerous practical inconveniences.

Application for Determining of Fee for Protection and Improvement of the Environment for 2021

Serbia

The fee for 2021 is determined by the decision of competent authority on basis of applications of payers that are obliged to submit them no later than 31 July 2021.

Employers’ Obligations Under the Law on Gender Equality and Amended Law on Prohibition of Discrimination

Serbia

On 20 April 2021, the National Assembly of the Republic of Serbia enacted the Law on Gender Equality and amendments to the Law on Prohibition of Discrimination. Both laws are published in the Official Gazette of RS no. 52 of 24 May 2021 and will enter into force on 1 June 2021. The Law on Gender Equality will repeal the Law on Equality of Genders (Official Gazette of RS no. 104/09).

PR Legal Partner Ivana Ruzicic Appointed Data Protection Representative for Coca-Cola in Serbia

Serbia

PR Legal Partner Ivana Ruzicic has been appointed Serbian data protection representative by Coca-Cola Services N.V. of Belgium.

PRK Partners Advises Societe Generale on Investment in Mutumutu

Czech Republic

PRK Partners has advised Societe Generale on an unspecified investment in and increase in its stake in Czech online insurance start-up Mutumutu.

Schoenherr, Szecsenyi & Partners, Clifford Chance, and PRK Partners Advise on B&B Hotels Sale to Primonial REIM

Deals and Cases

Schoenherr and PRK Partners have advised B&B Hotels on the sale of properties in Hungary and the Czech Republic to Primonial REIM. Clifford Chance and Szecsenyi & Partners advised the buyers on the deal, which included a leaseback by B&B Hotels.

Checking In: 2020's Most Important Tax Updates

Briefings

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Tax experts: What are the most important changes to the Tax laws in your country since January 2020 and what has their impact been? 

Radu si Asociatii Advises S.N. Nuclearelectrica on Take-Over of Uranium Oxide Processing Line

Romania

Radu si Asociatii has advised S.N. Nuclearelectrica S.A. on the acquisition of a uranium oxide processing line from Compania Nationala a Uraniului S.A., Feldioara Branch. The transaction is subject to regulatory approval and closing conditions agreed upon by the parties.

Radu si Asociatii and Tuca Zbarcea & Asociatii Advise on Acquisition of Ramada Majestic Hotel in Bucharest

Romania

Radu si Asociatii SPRL has advised Visionapartments, a Swiss serviced apartment renting company, on the acquisition of the Majestic Hotel in Bucharest. Tuca Zbarcea & Asociatii advised the unidentified sellers on the deal.

Radu si Asociatii Advises Electrica on Internal Merger of Distribution Companies

Romania

Radu si Asociatii has advised the Electrica Group on a merger through which Societatea de Distributie a Energiei Electrice Transilvania Nord S.A. absorbed two other group distribution companies: SDEE Transilvania Sud S.A. and SDEE Muntenia Nord S.A. 

Ukraine: Transport and Infrastructure – Progress Towards the Promise

Ukraine

Ukraine’s transport and infrastructure system plays a key role in the country’s economy, particularly with its role in export and trade in the agricultural, industrial, and other sectors. Ukraine is conveniently located on different transport routes. However, it does not fully capitalize on its geographical benefits and does not fulfill its potential as a transit country, as it is not yet well-integrated in international transport networks, lacks modern infrastructure, and has limited market opportunities in certain segments (for example, railway services).

Redcliffe Partners Advises EBRD on Loan to Kokhavynska Paper Factory

Ukraine

Redcliffe Partners has acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development in connection with a EUR 13.8 million loan to the Kokhavynska Paper Factory.

Everlegal and Redcliffe Partners Advise on UDP Renewables/Nebras Power Agreement

Ukraine

Everlegal has advised UDP Renewables on its investment agreement with Nebras Power, a global power development and investment company headquartered in Doha, Qatar. Redcliffe Partners advised Nebras Power on the deal.

Current View of Public Prosecutor’s Office on Proving Legal Entities’ Exculpation

Czech Republic

Since the introduction of the institution of legal entities’ exemption from criminal liability in 2016, there has been discussion on the distribution of the burden of proof in proving the conditions for its application in criminal proceedings. Meanwhile, the prosecution’s view has been gradually changing.

Constitutional Court Reiterates That a Time Limit as Such Cannot Be Unconstitutional

Czech Republic

The Constitutional Court of the Czech Republic published its finding Ref. No. PL ÚS 25/19 that rejects the proposal of the Supreme Administrative Court to repeal Section 80 par. 1 and 2 of the Rules of Administrative Court Procedure (RACP). The Court declared that the existence of a one-year limit for the filing of an action against the inaction of an administrative body is not itself contrary to the domestic constitutional order. Concurrently, another exchange of arguments has taken place in Joštova Street. Petr Zábranský and Martin Mezenský comment on the latest findings of the Constitutional Court.

The Labor Code Amendment: Changes in the Calculation of Leave

Czech Republic

On June 10th, 2020, the so-called big conceptual amendment to the Labor Code was passed. The amendment transposes European law (the directive concerning the posting of workers in the framework of the provision of services) into the Czech legal order, primarily aiming at facilitating the establishment of employment relationships. One of the major changes introduced by the amendment, which will affect virtually every employee, with effect from 1.1.2021, is the new leave entitlement concept. This concept of leave calculation in the future should be fairer on employees, especially on those whose working hours are unevenly scheduled into shifts.

Protecting Your Software – Copyright vs Patent

Serbia

Should software be protected as a work of authorship or a patent?

Serbia: Deadline to Submit Transcripts of the Archival Book Expiring Soon

Serbia

As we mentioned in our previous article, the Law on Archive Materials and Archiving Activities (“Law“) started to apply as of 2 February 2021.

Payment of The Purchase Price for Share in Foreign Currency – Not Allowed, But Possible in Practice

Serbia

It is 2017 and you are a foreigner (non-resident of Serbia) aiming to purchase a share of a Serbian company. After you negotiate principal terms, conduct the due diligence, set final terms, and negotiate transaction documents, at the closing you transfer the purchase price in euros to the Buyer’s euro bank account in Serbia, and all is well. Now it is 2021, you are again in Serbia undertaking the same steps, but this time, you are in breach of the Foreign Exchange Act (“FX Act”). Why is that?

The Buzz in Hungary: Interview with Peter Lukacsi of SBGK

Hungary

“The third wave of the pandemic, and unfortunately the most severe, has dominated the developments of the past month in Hungary,” says SBGK Partner Peter Lukacsi. He says that severe restrictions have been imposed in the country to combat the uptick in the numbers of newly infected people, including the closings of lower grade schools and kindergartens. “Courts have been closed as well,” he says, “and no personal hearings have been held in both civil and commercial matters since March 8.”

Hot Practice: Andras Gyorgy on SBGK's Data Protection Practice

Hungary

SBGK’s busiest practice over the last few months has been Data Protection, according to Partner Andras Gyorgy, driven by both the COVID-19 pandemic and, more importantly, by fines for GDPR breaches raising awareness among companies.

Boglarka Borbely, Adam Gyorgy, Krisztian Osztopani Promoted to Partner at SBGK

Hungary

Hungarian lawyers Boglarka Borbely, Adam Gyorgy, and Krisztian Osztopani have been promoted to Partner at SBGK.

Coming up Next: UBO Register in Hungary

Hungary

Hungary was one of the last EU countries to introduce a register of ultimate beneficial owners. While the provisions of the Fourth and Fifth AML Directives were already implemented in the Hungarian AML Act, the technical conditions on the actual operation of the UBO register were only adopted by Act XLIII of 2021 ("UBO Register Act") and are in force as of 22 May 2021.

Austria: Civil Law Aspects of Selling a Token – a Random Selection

Austria

The following article addresses a random first choice of civil law, contractual aspects to be precise, which the authors think are worth considering before you buy (or sell) your first NFT. However, given the novelty of the underlying technology, there is room for dissenting opinions.

Non-payment of Capital Contribution in Joint-stock Companies

Turkey

Capital commitment is one of the indispensable conditions for becoming a shareholder in a Turkish joint-stock company ("JSC"). Under Turkish law, the main responsibility of a shareholder, whether in the stage of incorporation or capital increase, is to pay the undertaken capital.

The Buzz in Romania: Interview with Charles Vernon of Vernon David

Romania

“Covid has really sucked all of the air out of everything,” begins Vernon David Partner Charles Vernon. “From a legislative point of view things are a bit boring right now,given the imminent parliamentary elections that are due on December 6, everything has been pretty much at a standstill, except for Covid of course.” 

RTPR Advises Innova Capital on Acquisition of PayPoint in Romania

Romania

RTPR has advised Innova Capital on its acquisition of PayPoint Services and Payzone from the PayPoint Group.

Compliance in Romania

Romania

Regardless whether you are a new start-up hoping to become the next “unicorn” or a renowned international corporation, Romania’s ever-changing business and legal environment will impose various issues and hurdles upon your organization’s compliance and ethics culture. From BP’s USD 20.8 billion fine for the Deepwater Horizon accident, to Volkswagen’s USD 14.7 billion fine for false diesel emissions, to Airbus’ USD 4 billion fine for bribery and corruption, keeping a company on the right side of the law and reducing employee malfeasance is always a challenge. 

A Step in the Right Direction to Address a Wave of Insolvency Procedures

Slovenia

On June 20, 2019, the European Parliament and the Council of the European Union adopted the Directive (EU) 2019/1023 on restructuring and insolvency (hereinafter: Directive). The objectives of the Directive are to make it easier for companies in financial difficulty to access restructuring measures at an early stage to prevent them from becoming insolvent, to lay down minimal rules on the discharge of debt incurred by insolvent entrepreneurs and to increase the efficiency of preventive procedures and insolvency procedures, primarily to shorten the length of the procedures.

Taxation of Employee Stock Incentive Schemes in Slovenia

Slovenia

Stock incentive schemes granted by listed or unlisted companies such as s stock options, stock appreciation, restricted shares and stock awards are a common way of rewarding employees. Employees participating in stock incentive schemes are subject to individual income tax.

»Gun-jumping« in Slovenia: Following the Trends or Staying Behind?

Slovenia

Information on record-high gun-jumping fines, imposed by national competition protection authorities, flooded the law-oriented news over the past years. It seems that countries like Poland (e.g. case Gazprom), France (e.g. case SFR-Altice), the UK (e.g. case PayPal), Mexico (e.g. case BAS Projects Corporation and other companies), and even Zimbabwe (e.g. case Innscor Africa) are all following the pattern of enhanced supervision of merger notification obligation and pre-closing activities of the parties, involved in M&A, and increasing amounts of fines.

Our Latest Issue

Search Firms and Partners